HCM solutions and services enable organizations to realize various benefits such as increased workforce productivity and employee engagement, and reduced cost of HR functions. The base year considered for the study is 2016, and the forecast has been provided for the period between 2017 and 2022.

HCM is growing gradually and being adopted by users to standardize processes for core Human Resources (HR) activities, workforce management, and talent management. Managing the widespread workforce located at different regions is one of the major driving forces for the growth of the HCM market.

Core HR and workforce management are expected to be the largest contributors in the global HCM market during the forecast periodCore HR software is a very basic requirement for any organization to administer its employee for functions, such as payroll and compensation management, benefits and claims management, personnel management, learning management, pension management, compliance management, and succession planning. Furthermore, considering the rising workforce of organizations, it becomes critical for the HR department to track and monitor the employees in order to efficiently manage the widespread workforce.

The consumer goods and retail vertical is expected to show a significant growth rate in terms of adoption of HCM-based solutions and servicesThe consumer goods and retail vertical is evolving and expected to grow rapidly, in terms of technological changes, customer needs, and employment. In order to gain more visibility and control over diversified and mixed workforce consisting of in-store employees, drivers, and field service providers, both internally and externally, the consumer goods and retail vertical has been focusing on adopting advanced solutions to efficiently manage their resources. Moreover, the increasing competition in the consumer goods and retail vertical has encouraged these enterprises to efficiently manage their resources and increase the profitability.

With the growing technological advancements in North America, the region is expected to be the largest contributor of HCM solutions during the forecast period.

The North America region has been predominately concerned regarding the adoption of HCM solutions and services. The high adoption of digital technology across all major verticals helps the HCM market to grow in North America, particularly in the US and Canada. The market is in the emerging stage in the regions of Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Therefore, these regions exhibit immense scope for the adoption of HCM solutions. Additionally, the growing technological developments in the field of cloud, analytics, and the emergence of mobile technologies have led to the high adoption of HCM solutions in major verticals, such as Banking, Financial Services, and Insurance (BFSI), transportation and logistics, and healthcare.The HCM market consists of major players, such as Workday, Inc. (US), Oracle Corporation (US), SAP SE (Germany), Kronos, Inc. (US), Automatic Data Processing, LLC (US), Ultimate Software Group, Inc. (US), IBM Corporation (US), SumTotal Systems, LLC (US), EmployWise (India), Paycom Software, Inc. (US), Ceridian HCM, Inc. (US), and PeopleStrategy, Inc. (US) in this market.

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